The credit or debit to Retained Earnings in the first closing entry O is the amount of revenues for the period. O is zero. O is the amount of expenses for the period. is the amount of the net income or (loss) for the period.

The credit or debit to Retained Earnings in the first closing entry O is the amount of revenues for the period. O is zero. O is the amount of expenses for the period. is the amount of the net income or (loss) for the period.

Name: The credit or debit to Retained Earnings in the first closing entryO
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: The credit or debit to Retained Earnings in the first closing entryO is the amount of revenues for the period.O is zero.O is the amount of expenses for the period.is the amount of the net income or (loss) for the period.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter5: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 3TF: LO1 As part of the adjustment of supplies, an expense account is debited and Supplies is credited...

See similar textbooks

Similar questions

Which of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivable C. Unearned Service Revenue D. Sales Tax Payable
Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenue
Assume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to: A. complete the closing entries B. determine the ending balance in the Retained Earnings account
Which of the following accounts balance would be a different number on the Balance Sheet than it is on the adjusted trial balance? A. accumulated depreciation B. unearned service revenue C. retained earnings D. dividends
Assume that the first two closing entries have been made and posted. Use the T-accounts provided below to: A. complete the closing entries B. determine the ending balance in the Retained Earnings account
Which account would be credited when closing the account for fees earned for the year? A. Accounts Receivable B. Fees Earned Revenue C. Unearned Fee Revenue D. Income Summary
Which of the following pairs increase with credit entries? A. supplies and retained earnings B. rent expense and unearned revenue C. prepaid rent and common stock D. unearned service revenue and accounts payable
State whether the balance in each of the following accounts increases with a debit or a credit. A. Office Supplies B. Retained Earnings C. Salaries Expense D. Accounts Receivable E. Service Revenue
What two accounts are affected by each of these adjustments? A. recorded accrued interest on note payable B. adjusted unearned rent to correct C. recorded depreciation for the year D. adjusted salaries payable to correct E. sold merchandise to customers on account
Indicate on which financial statement the following accounts (from the adjusted trial balance) would appear: (A) Sales Revenue; (B) Unearned Rent Revenue; (C) Prepaid Advertising; (D) Advertising Expense; (E) Dividends; (F) Cash.
What is the impact on the accounting equation when a current months utility expense is paid? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes
If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cycle